New Braunfels Herald Zeitung, November 19, 1997, Page 5

Publication: New Braunfels Herald Zeitung November 19, 1997

New Braunfels Herald Zeitung (Newspaper) - November 19, 1997, New Braunfels, Texas ways to offer home equity loans I HOUSTON (AP) — A new tow designed to make it easier for Texans to boirow against the equity in their homes is creating competition among banks and causing concern among industry experts Lenders are actively seeking potential borrowers weeks before home equity loans become available Jan/1, according to the Texas Journal of The Wall Street Journal. And they*re offering some seriously competitive padraes. NationsBank Texas, the state’s biggest bank, is offering its approved home equity toon applicants an extra unsecured loan of up to $25,000, available immedtotely, with a tower interest tale. Money Store toe., a New Jersey mortgage company, is premising up to 125% of a borrower's equity, its Plano, Laredo among fastest growing cities in nation San Antonio ranks eighth biggest By MICHELLE MTTTELSTAOT Associated Pres customer-service agents say. But there's a catch — the portion'above 80% of equity would be unsecured. The new law "is sure to be tested by people who are looking to gobble up ss much of this business as possible," said Keith Gumbinger, a vice president of HSH Associates, a Butler, NJ., lending market research firm. "It's going to be a wild and woolly world down there for a while." That's exactly what industry watchdogs fear. They're concerned banks are twisting the law as they fight for a piece of the projected $123 billion market By extending incentives that lawmakers didn't plan, they argue, lenders could be encouraging Texans to get into credit trouble. "I think this is just a real Texas Briefs cautionary period... before this thing becomes Inn," said Leslie Pettijohn, head of the Texts Credit i Commission. With "no Texas experience" to foil back on, she said, it's hard even for her office to be certain what's legal and what’s not The day aller Texans passed the home equity measure by a 60-percent vote, state Attorney General Dan Morales issued a statement to baqks, explaining when they can start taking applications Bom homeowners and when they can begin loaning money. NationsBank says its $25,000 loan offer foncttous separately from its home equity loan, and therefore is legal. "We are not going to do snjHihg that goes against the spirit of the jaw,** says Chuck Baynard, executive vice president for WASHINGTON — Two Texas cities — one a vibrant conduit for growing U.S.-Mexico trade, the other a business mecca on the outskirts of Dallas — are among the fastest growing communities in the United States, the Census Bureau says. Plano's SO percent growth from 1990 to 1996 was the fifth-fastest growth rate in the United States in rankings of cities with over 100,000 residents. Laredo wasn't far behind, snagging the eighth-fastest growth rate with a 34 percent population gain during the same period. San Antonio, meanwhile was one of only two U.S. cities rising above the I million mark in population during the six-year period, along with Phoenix. That growth has* allowed San Antonio to climb the ranks of biggest U.S. cities, trading its 10th place for 8th. The Alamo City's gain was Dallas* loss. Dallas slipped from eighth-largest city in the United States to ninth, reporting a 4.5 percent growth rate during the six-year period. Houston retains its rank as the nation’s fourth-largest city. Climbing in population rankings were: El Taco, from 22nd to 17th; Austin from 26th to 22nd; Fort Worth, from 29th to 28th; Arlington, from 61st to 56th; and Corpus Christi, Bom 64th to 59th. Just a short driva north from Dallas, Plano civic leaders were rubbing their hands with glee over their ranking. "We're real proud of that," said assistant city manager Elven Richardson. "We're just really excited.” In recent years, Frito-Lay, J.C. Penney and other major corporations have moved their corporate headquarters to Plano, Richardson noted. He cited quality schools, a "pro-business climate" and an award-winning parks and recreation department among the factors responsible for Piano's boom. As for the growth ranking issued Tuesday, Richardson f *4* **R helps us with our economic development. It also helps us in attracting new citizens to the area. It sparks an interest to come and see what it is that Plano is doing." Laredo, which just a few years ago boasted the secoad-fastest growth rate in the nation, owes its boom to an enviable geographic location xldog the border and tbs fact that HS, a fuffj^r trade has its origins in Laredo, said Chamber of Commerce president Miguel Conchas. "It's a matter of geography and the fact that wa’ve been able to on that,"    said. Laredo is the border's busiest commercia! crossing point, accounting for more than 30 percent of the economic traffic between the United States and Mexico. And, with trade between the two NAFTA partners growing, business interests have been giving Laredo a second glance, Conchas said Two other Teaas border cities were among the top 25 nationally in growth: Brownsville at No. 13, wife •tightly toore than a 23 palatal hoorei aod McAlton. to 16, wfch a 23 percent gain. I*AUStoT(AP) ^The story of a 9-year-old girl found in a rat-infested home tori month has shocked and inspired state Sen. (ronzalo Barrientos and IO friends. Barrientos announced Monday that the group, which includes Lady Longhorns coach Jody Comdt, has set up a trop fund named after the girl, Victoria Barr, to help pay for treatment. "If people respond as generously as we hope, the Victoria Fund may be able to provide professional care, education and assistance to Victoria that go beyond the level of help of government may be able to provide her," said Barrientos, D-Austin. Victoria was removed from the home she shared with her mother, grandmother and uncle on Oct. 20 and is now in foster care. When she was removed, caseworkers discovered that she could not speak and had never been to school. And according to her court-appointed attorney, Richard LaValto, "she had difficulty wearing clothing; she wasn’t toilet trained; she had difficulty going through dom or gening in cars." Lu wye Victim's sx-husbend the death of Sheila Bellush," a prominent San Antonio criminal defcnaa lawyer says. Roy Barren told The San Antonio Express-News Tuesday that Blackthorn to a friend and golfing partner of the two men accused of conspiring to have his ex-wife murdered. "We do not conteP what has been reported about them being friends or playing golf together," Barrera Mid of Blackthorne and Daniel Alex Rocha, 29, and Samuel Gonzales, 27. "The sooner this matter is brought to a conclusion the better, and I mean as soon as we are vindicated for having no ireponribdity in the death of this lady," Barrera told the newspaper. goldarn to ton usual to help ^’JSAN ANTONIO (AP) — Allen Blackthorne "is not responsible for SAN ANTONIO (AP) — The U.S. Army will help the U.S. Border Patrol hunt down drug traffickers by upgrading dirt roads, constructing helipads and building a wooden observation deck near the Rio Grande, a military spokeswoman says. Spokeswoman Maureen Bossch said Tuesday the project is scheduled to start in January and will be the largest of two military construction projects atone tbs Rio Grande and will involve Acre tfton 350 soldiers. Rtutyop Home Serrating NEED A ny* LOOK FOR THI HOLIDAYS? I oui work wtth what you hun or anatto you in tomtoure •elections, Moor coverings, window treatment! end to dtooount prioaa for your homo or office. Football Contest IT’S EAST TO BE A WINNER! The Football Content page appear* each Tlsewday. Flcfc the noms you think will win and wend U In. Then read the sports pope on Wedrwtday to Bee lf Bl. ^    you    are    a winner! * Weekly winners and a grand prize winner. contest page for rom plato details. Herald-Zeitung Nationwide’ is cai your side. For Auto, Life, Home and all your insurance needs. Dour HovelI k-Murt Plaza 1050IH 35 EosTSuii* 500 Nev Braunfels 620-4224 NATIONWIDE INSURANCE Wan youratoe consumer banking for NationsBank Charlotte, N C    closing    fees or to iratch    con^ctitort^ Texas, i unit of NationsBank Corp.,    Other lenders are offering to    waive lowest interest rates. 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Publication: New Braunfels Herald Zeitung

Location: New Braunfels, Texas

Issue Date: November 19, 1997

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